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德国旗舰指数DAX扩大至40个成分股,这标志着该指数的重大发展。DAX指数此次的改革对衍生品交易的影响是什么?为此我们采访到了欧洲期货交易所(Eurex)的股票和指数产品设计总监Zubin Ramdarshan。
Zubin,能请您能简要介绍一下今年九月份DAX指数选股方法改革的具体内容吗?
9月20日,德国领先的旗舰指数DAX的成分股增加到40只股票,这是该指数历史上最为全面的改革。选股构成规则的更加完善以及更符合国际标准的调整,使新的DAX指数能够更广泛地覆盖德国资本市场。随着原德国中型企业MDAX指数的10只成分股新加入DAX指数--空中巴士(Airbus SE)、扎兰多(Zalando SE)、西门子医疗(Siemens HealthineersAG)、德之馨(Symrise AG)、哈罗生鲜(HelloFresh SE)、赛多利斯(Sartorius AG Vz)、保时捷(Porsche Automobil Holding)、布朗德(Brenntag SE)、彪马(Puma SE)和凯杰(Qiagen N.V.)--DAX指数中个别股票的权重发生了变化:价格水平现在需要分配给40只股票。同时随着新的和额外的成分股出现,不同行业在DAX指数中的类股权重也将发生变化,例如零售业。
为什么要从30个成分股增加到40个?这背后的想法是什么?
指数构成方法中,成分股的数量其实只是几个参数中的一个。增加到40个成分股将使得DAX指数提供一个更为完善的基准,以及增强行业多样性。随着DAX指数的构成扩张到40个成分股,该指数的流动性和可投资性大大增加,作为德国的旗舰指数,DAX能够更全面地代表德国的股票市场。
对客户来说,有哪些重要的规则变化需要了解,您会如何评价这些变化的影响呢?
对于DAX指数的候选公司的新要求是,自去年12月开始,这些公司必须证明其盈利能力。同时,还规定候选公司及时公布审计后的年度、半年度和季度报告。这些要求能够使得德交所旗下指数供应商Qontigo在候选公司的财务报告出现问题时及早采取行动。
还有很重要的一点值得注意的是公司市值是目前排名的唯一基准。证券交易所的交易额不再被当作一个衡量指标,取而代之的是最低流动性水平。对于所有的投资者来说,这些规则和条例更加简单,以及容易理解。这些规则的改变使DAX指数和其他蓝筹指数的标准一致,大大增加了DAX指数的透明度和可预测性。当然,最重要的是DAX指数仍然应当作为德国经济可靠的晴雨表,以及作为金融产品的标的指数值得被投资。
DAX指数的改革对于整个DAX指数家族衍生品的交易带来了哪些新的机遇呢?
在欧洲期货交易所(Eurex)上市交易的DAX蓝筹指数衍生品系列包括DAX指数期货、期权以及ESG版本的DAX指数期货和期权。期货产品包括常规指数期货,以及迷你和微型DAX指数期货,迷你和微型DAX指数期货的合约价值比常规指数期货合约分别小5倍和25倍。这些衍生品是全球流动性最好的金融产品之一。期货产品为寻求德国市场敞口的全球投资者提供了直接对冲德国旗舰指数价格波动的机会,是投资者进行战术资产配置的完美金融工具,同时为投资者们提供有趣的交易机会,比如在德国即将举行的联邦选举前后的市场敞口。
Market Status ⓘ
XEUR
The market status window is an indication regarding the current technical availability of the trading system. It indicates whether news board messages regarding current technical issues of the trading system have been published or will be published shortly.
Please find further information about incident handling in the Emergency Playbook published on the Eurex webpage under Support --> Emergencies and safeguards. Detailed information about incident communication, market re-opening procedures and best practices for order and trade reconciliation can be found in the chapters 4.2, 4.3 and 4.5, respectively. Concrete information for the respective incident will be published during the incident via newsboard message.
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